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(NASDAQ: SOSA) (Oslo Stock
Exchange: STO), today reported the award of a contract valued at
approximately $50 million from Amerada Hess for installation work on the
Okume Complex in Equatorial Guinea.

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For more information, visit Pioneer's
website at www. These and other risks are described in Pioneer's 10-K and
10-Q Reports and other filings with the Securities and Exchange
Commission.

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Pioneer Establishes New $300 Million Share Repurchase Program

"

Pioneer is a large independent oil and gas exploration and
production company with operations in the United States, Argentina,
Canada, Equatorial Guinea , South Africa and Tunisia. The flexible risers
will be supplied by Stolt Offshore's joint venture NKT Flexibles I/S under
a separate contract. The Company operates in Europe, the Middle East,
West Africa, Asia Pacific, and the Americas

Forward-Looking Statements: Certain statements made in this press release
may include "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934.

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S.
Securities and Exchange Commission, are among those that may cause actual
and future results and trends to differ materially from our forward-looking
statements: the terms, conditions and amount of our indebtedness; our
ability to restructure our indebtedness; our ability to recover costs on
significant projects; the general economic conditions and competition in
the markets and businesses in which we operate; our relationship with
significant customers; the outcome of legal proceedings; uncertainties
inherent in operating internationally; the impact of laws and regulations;
and operating hazards, including spills and environmental damage.

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Forward-looking statements and the
business prospects of Pioneer are subject to a number of risks and
uncertainties that may cause Pioneer's actual results in future
periods to differ materially from the forward-looking statements.

government equatorial

Pioneer also announced that it
completed $92 million in share repurchases during 2004, buying back
2.

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The following factors, and others
which are discussed in our public filings and submissions with the U.

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Rich Dealy, Executive Vice President and CFO, continued, "With the
proceeds from the volumetric production payments, we've exceeded our
$600 million debt reduction target.

PRESS RELEASE Stolt Offshore S.A. Awarded $50 Million Contract in Equatorial Guinea

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Stolt Offshore S. The installation programme will take place from the
Seaway Falcon in the second half of 2006.

Please don't confuse Guinea with Equatorial Guinea or Guinea Bissau.

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A. Many of
these factors are beyond our ability to control or predict.

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pioneernrc.

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This category contains links to English-language web sites about Guinea - including businesses and organisations within Guinea, and links to information and news from external sources.

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Pioneer's
headquarters are in Dallas.
These risks and uncertainties include, among other things, volatility
of oil and gas prices, product supply and demand, competition,
government regulation or action, international operations and
associated international political and economic instability ,
litigation, the costs and results of drilling and operations,
Pioneer's ability to replace reserves , implement its business plans,
or complete its development projects as scheduled, access to and cost
of capital, uncertainties about estimates of reserves, quality of
technical data, environmental and weather risks, acts of war or
terrorism.

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Pioneer's board of directors has cancelled the authorization remaining
on the prior program. These proceeds combined with those
we anticipate from potential Canadian divestitures and the significant
forecasted excess cash flow are expected to add more than $1 billion
of financial flexibility this year.

The contract is for the installation of flexible risers and 116 kms of
rigid pipelines between the Okume/Ebano and Oveng Tension Leg Platforms,
Elon Satellite Platforms and the Sendje Ceiba FPSO.

businesses weather

The
forward-looking statements reflect our current views and assumptions and
are subject to risks and uncertainties.

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Business Editors/Energy Editors

DALLAS----Pioneer Natural Resources
Company (NYSE: PXD) today announced that its board of directors has
approved a new share repurchase program authorizing the purchase of up
to $300 million of its common stock which is approximately 6% of its
current market capitalization."





Stolt Offshore Website


Stolt Offshore is a leading offshore contractor to the oil and gas
industry, specialising in technologically sophisticated deepwater
engineering, flowline and pipeline lay, construction, inspection and
maintenance services. Given these
factors, you should not place undue reliance on the forward-looking
statements .

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16 per BOE, well below the
industry average finding and acquisition cost. This very low-risk
value play offers a direct means to provide competitive returns for
shareholders while also increasing the development and exploration
upside represented by each share that remains outstanding," stated
Scott Sheffield, Chairman and CEO.

within bissau

8 million shares or approximately 2% of the shares outstanding .

Bruno Chabas, Chief Operating Officer said, "Stolt Offshore has worked with
Triton Energy and Amerada Hess over the last four years on the development
of the La Ceiba field and we welcome this further package of deepwater
installation work for which the Seaway Falcon is ideally suited . These statements may be identified by the use of words like
"anticipate," "believe," "estimate ," "expect," "intend," "may," "plan,"
"project," "will," "should," "seek," and similar expressions .

directories language

"Based on yesterday's closing stock price and our year-end proved
reserve estimates considering the impact of the volumetric production
payments that we announced this morning, we're essentially buying our
own proved reserves at approximately $7.

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com

Except for historical information contained herein, the statements
in this News Release are forward-looking statements that are made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995.

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